Museveni Urges Thailand To Invest In Ugandan Oil – ChimpReports

Museveni Urges Thailand To Invest In Ugandan Oil


cheap geneva; font-size: small;”>“We have found over 3.5 million barrels which is 40% of the exploration area. What we have is enough to support exploration. Please come and see what we have; our oil has very little sulphur in it and so it won’t cost so much to process”, he said.

The President made this call on Friday during a visit to Thai oil, a Government’s refinery located at Chatuchak, in Bangkok. The refinery employs 840 people.

Mr Museveni said that Uganda has steel, phosphates and petroleum which make it viable for a vertically integrated system of exploration, to process a full range of bi-products. He added that exporting crude oil will make government pay a lot of money in taxes and even lead to loss of jobs for the country.

He congratulated the Thai Government on graduating from underdevelopment to a highly developed nation.

Thai Oil Chief Executive Officer, Veerasak Kositpaisal, in his welcome remarks, said that the key to the success of the company is sustainability.

He said that before the country discovered oil, they were poor.

He said that the success of the company has been hinged on three pillars, the economic pillar where you have to make profit, the social, where you maintain good relationship with the community and sustainable environmental pillar where you ensure safety and sustainability of the environment and community development programme.

Mr. Veerasak Kositpaisal said that Thai Oil has built a primary school and a health centre to cater for the education of the children in the community and health of the residents.

The oil refinery has a capacity of 275,000 barrels per day which accounts for approximately 25% of the nation’s overall refining capacity and is capable of meeting the domestic demand for petroleum which stands at 35%.

The company is also engaged in power generation, petrochemical and lube base oil as well as a number of other bi-products.

During the tour, the President visited the school and health center built by Thai Oil Company and commended their high standard of service.


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